Beginner's Guide to North Loop Real Estate
As the North Loop of downtown Minneapolis continues to grow, it is attracting more and more young professionals that would traditionally be living in the suburbs back to Minneapolis. The gentrification of the Warehouse District/North Loop began in the mid 1980's with buildings like Itasca Lofts being developed from vacant warehouses once used for dry goods into offices and living spaces. Folks were attracted to the exposed brick and timbers that characterizes many of the historic buildings today.
Where is the North Loop? The loop is considered to be the area from Interstate 94 on the west, Hennepin Avenue on the south, the Mississippi on the east, and plymouth road to the north. Washington Ave is considered the main thoroughfare.
The area is dominated by luxury rentals and condos rented and owned by professionals in their late 20’s, 30’s, and early 40’s.
The skinny about buying. Of course square footage is going to play a role in price, but keep in mind your association fee and what it all covers. Some condos have beautiful gyms, party decks/rooms, and concierge services while others may be a bit more to the point. Two big deal breakers for many potential residents is off street parking and in-unit laundry. Fewer residents, especially those in luxury condos want to haul their laundry to a laundromat or use a building coin-operated machine. Even more so, fewer residents want to park their cars on the streets, many of which have no overnight parking. Keep those things in mind when figuring out pricing, either what you want to spend, or what you want to sell your unit for. Premium units will have heated parking and in-unit laundry along with gyms and party decks.
and party decks.